MGTA01H3 Chapter Notes - Chapter 7: Time Management, Operations Management

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Bill Mc Conkey

Document Summary

The pro(cid:272)ess of pla(cid:374)(cid:374)i(cid:374)g, orga(cid:374)izi(cid:374)g, leadi(cid:374)g a(cid:374)d (cid:272)o(cid:374)trolli(cid:374)g a (cid:271)usi(cid:374)ess"s fi(cid:374)a(cid:374)(cid:272)ial, ph(cid:455)si(cid:272)al, human, and information resources in order to achieve its goals. Concerned with determining what the business needs to do and the best way to achieve it. 5 steps: establish goals, develop plans to achieve the goal. Identify a(cid:374)(cid:455) gap e(cid:454)ists (cid:271)et(cid:449)ee(cid:374) the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s desire a(cid:374)d a(cid:272)tual positio(cid:374: what result are desired, how to achieve the goals. Implement the plans: assess the effectiveness of the plan. Concerned with mobilizing the necessary resources to complete a particular task. Concerned with guiding a(cid:374)d (cid:373)oti(cid:448)ati(cid:374)g e(cid:373)plo(cid:455)ees to (cid:373)eet the fir(cid:373)"s o(cid:271)je(cid:272)ti(cid:448)es. Co(cid:374)(cid:272)er(cid:374)ed (cid:449)ith (cid:373)o(cid:374)itori(cid:374)g a fir(cid:373)"s perfor(cid:373)a(cid:374)(cid:272)e a(cid:374)d make sure that the firm is meeting its goals. Differ in the specific application of these activities. Senior managers: respo(cid:374)si(cid:271)le for a fir(cid:373)"s o(cid:448)erall perfor(cid:373)a(cid:374)(cid:272)e and effectiveness and for developing long- range plans, set general policies, formulate strategies, oversee all significant decisions, represent the company in its dealings with other businesses and government, ex.